The ultimate entertainment merger is materializing as Netflix and Warner Bros. Discovery finalize their $82.7 billion transaction. This definitive agreement represents perhaps the most significant entertainment combination possible, bringing together the world’s leading streaming platform with one of Hollywood’s founding studios to create a merged entity whose capabilities, resources, and market position define what ultimate entertainment success means in the modern era.
The merger establishes $27.75 per share as the valuation for Warner Bros. Discovery stock, translating to total equity value of approximately $72.0 billion. The comprehensive enterprise value of $82.7 billion reflects this transaction’s ultimate nature, combining assets that together represent entertainment’s pinnacle. Both companies’ leadership teams have unanimously approved this ultimate merger that may never be exceeded in scale or significance.
Ted Sarandos, serving as Netflix’s co-CEO, characterized this merger as entertainment’s ultimate combination. He emphasized that it’s difficult to imagine a more significant entertainment merger than combining the world’s most successful streaming service with one of Hollywood’s most prestigious studios. This transaction represents the ultimate pairing that establishes new ceilings for what entertainment companies can achieve.
David Zaslav of Warner Bros. Discovery described the merger as creating entertainment’s ultimate company. He noted that the combined entity possesses ultimate advantages in content, production, distribution, technology, and scale that establish it as the industry’s definitive leader. The transaction creates what may represent entertainment’s ultimate organizational form—a fully integrated company operating at global scale with comprehensive capabilities across all entertainment dimensions.